CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion […]
Section 230: Power to Compromise or Make Arrangements with Creditors and Members Section 231: Power of Tribunal to Enforce Compromise or Arrangement Section 232: Merger and Amalgamation of Companies Section 233: Merger or Amalgamation of Certain Companies Section 234: Merger or Amalgamation of Company with Foreign Company Section 235: Power to Acquire Shares of Shareholders […]
♦ Section – 455: Dormant Company: Sec – 455(1): Where a company is formed and registered under this Act: for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make: an application to the Registrar for obtaining the status […]
♦ Section – 248: Power of Registrar to Remove Name of Company from ROC: Sec – 248(1): Where the Registrar has reasonable cause to believe that: (a) a company has failed to commence its business within 1 year of its DOI or; (b) Omitted (c) a company is not carrying on any business or operation: […]
♦ Nidhi Company: Nidhi Company is a form of NBFC, incorporated U/s. 406 of the Companies Act, 2013 and only public company U/r 4(1) can be declared as Nidhi Company. The Ministry of Corporate Affairs (MCA) is the body which governs Nidhi Company Rules and Regulations. Reserve Bank of India directs its deposit acceptance activities […]
♦ Sec – 164(1): A person shall not be eligible for appointment as a director of a company, if: a. he is of unsound mind and stands so declared by a competent court; b. he is an un-discharged insolvent; c. he has applied to be adjudicated as an insolvent and his application is pending; d. […]
♦ Sec – 188(1): A company shall not enter into any contract or arrangement with a related party without the consent of Board of Directors through board resolution at a meeting and subject to conditions as prescribed with respect to: sale, purchase or supply of any goods or materials; selling or otherwise disposing of, or […]
Further Issue of shares with Rules: An Detailed Analysis ♦ Purpose: An existing company can expand its business operations and raise funds through the issue of right or bonus shares to existing shareholders in proportion to the shares held by them, private placement and preferential allotment. A company needs to check whether its authorized capital […]
Sec-42 of Companies Act, 2013 and Rule-14 of Companies (Prospectus and Allotment of Securities) Rules, 2014: An Overview ♦ Procedure in brief for issue of securities on Private Placement basis: 1. Convene Board Meeting: To issue approval for issue of securities To identify persons to whom securities be allotted To approve the Draft and record […]
♦ Section – 186: Loan and Investment by Company: > “investment company” means a company: whose principal business is the acquisition of shares, debentures or other securities and will be deemed to be principally engaged in the business of acquisition of shares, debentures or other securities, if its: √ assets in the form of investment […]
